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Home My WebLink About20121985.tiff RESOLUTION RE: ACTION OF THE BOARD CONCERNING PETITION FOR ABATEMENT OR REFUND OF TAXES - HOLIDAY RETIREMENT/COLSON AND COLSON CONSTRUCTION COMPANY WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to Colorado statute and the Weld County Home Rule Charter, is vested with the authority of administering the affairs of Weld County, Colorado, and WHEREAS, the Board of County Commissioners of Weld County, State of Colorado, at a duly and lawfully called regular meeting held on the 30th day of July, 2012, at which meeting there were present the following members: Chair Sean P. Conway, and Commissioners William F. Garcia, Barbara Kirkmeyer, and Douglas Rademacher, with Commissioner David E. Long being excused, and WHEREAS, notice of such meeting and an opportunity to be present has been given to the taxpayer and the Assessor of said County, with said Assessor, Christopher Woodruff, being present, and taxpayer, Holiday Retirement/Colson and Colson Construction Company, not being present, and WHEREAS, the Board of County Commissioners has carefully considered the attached petition, and is fully advised in relation thereto. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Board concurs with the recommendation of the Assessor and the petition be and hereby is, denied, and an abatement or refund be allowed as follows: CORRECTION TO ASSESSED ABATEMENT TAX VALUATION OR REFUND YEAR $0.00 $0.00 2011 at H sk., PO is 2012-1985 AS0081 TAX ABATEMENT PETITION - HOLIDAY RETIREMENT/COLSON AND COLSON CONSTRUCTION COMPANY PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 30th day of July, A.D., 2012. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO Sean P. onway, Chair Weld County Clerk to the Board Wil •r m F. rcia, Pr -T m Deputy Cler o the :oard La��:S rbara Kirkmeyer APP .''ED AS 9 RM: 1861 O ° LC USED vid E. Lo e count ttorney �� lI of �ougLs Radem her Date of signature: 9 S' / '3. 2012-1985 AS0081 F Lr r r rvn I Vr% AYPn I LITILr1r V1\ r\Lr vnv Vr I P1f1 J '] /� • as County:WELD Date Received & 6 4 (Use Assessor's or Commis EivED Section I: Petitioner, please complete Section I only. WELD COUNTY Date: 01 30 2012 COMMISSIONERS FEB 0 6 Z012 Month Day Year 9�pp''aa Petitioner's Name: Holiday Retirement/Colson &Colson ConstructidtYCo'��L �5 P ' R C�Ol.1NTy AS$ESS® :'' E LEY, COLOf�-740 Petitioner's Mailing Address: c/o Grant Thornton, LLP PO Box 130477©E G E',tl`ED y Dallas TX (\ 75313 City or Town State Zip Code SCHEDULE OR PARCEL NUMBER(S) PROPERTY ADDRESS OR LEGAL DESCRIPTION OF PROPERTY R2806786 GR 4637 L9 THRU 16 BLK26 Petitioner requests an abatement or refund of the appropriate taxes and states that the taxes assessed against the above property for the property tax year 2011 are incorrect for the following reasons: (Briefly describe why the taxes have been levied erroneously or illegally,whether due to erroneous valuation, irregularity in levying, clerical error, or overvaluation. Attach additional sheets if necessary.) Erroneous valuation;subject property was over assessed for for 2011, see attached information. Petitioner's estimate of value: $2,667,380 (2011 ) Value Year I declare, under penalty of perjury in the second degree, that this petition,together with any accompanying exhibits or statements, has been prepared or examined by me, and to the best of my knowledge, information, and belief, is true, correct, and complete. Daytime Phone Number f Petitioner's nature By Daytime Phone Numberf 214 ) 561-2324 Agent's Sign ure* 'Letter of agency must be attached when petition is submitted by an agent. If the Board of County Commissioners,pursuant to§39-10-114(1),C.R.S.,or the Property Tax Administrator,pursuant to§39-2-116,C.R.S., denies the petition for refund or abatement of taxes in whole or in part,the Petitioner may appeal to the Board of Assessment Appeals pursuant to the provisions of§39-2-125,C.R.S.,within thirty days of the entry of any such decision,§39-10-114.5(1),C.R.S. Section II: Assessor's Recommendation (For Assessor's Use Only) Tax Year 20 i) Actual Assessed Tax Original 3,3 }$,537 'Zb6,590 4120,4C(o 0 corrected 3,3't8 537 24,5-1O 420,404 3a co Abate/Refund -- O N ❑Assessor recommends approval as outlined above. If the request for abatement is based upon the grounds of overvaluation,no abatement or refund of taxes shall be made if an objection or protest to such valuation has been filed and a Notice of Determination has been mailed to the taxpayer,§39-10-114(1)(a)(I)(D),C.R.S. Tax year: R c i/ Protest? IONo ❑Yes (If a protest was filed,please attach a copy of the NOD.) [Assessor recommends denial for the following reason(s): // n Assessor's or D120:64 ty As or's Signature • (Section III or Section IV must be completed) Every petition for abatement or refund tiled pursuant to§39-10-114,C.R.S.shall be acted upon pursuant to the provisions of this section by the • Board of County Commissioners or the Assessor,as appropriate,within six months of the date of filing such petition,§39-1-113(1.7),C.R.S. Section III: Written Mutual Agreement of Assessor and Petitioner (Only for abatements up to$10,000) The Commissioners of County authorize the Assessor by Resolution No. to review petitions for abatement or refund and to settle by written mutual agreement any such petition for abatement or refund in an amount of$10,000 or less per tract, parcel, or lot of land or per schedule of personal property, in accordance with§39-1-113(1.5), C.R.S. The Assessor and Petitioner mutually agree to the values and tax abatementlrefund of: Tax Year Actual Assessed Tax Original Corrected Abate/Refund Note:The total tax amount does not include accrued interest,penalties,and fees associated with late and/or delinquent tax payments,if applicable. Please contact the County Treasurer for full payment information. Petitioner's Signature Date Assessor's or Deputy Assessor's Signature Date Section IV: Decision of the County Commissioners (Must be completed if Section III does not apply) WHEREAS,the County Commissioners of County, State of Colorado,at a duly and lawfully called regular meeting held on / / ,at which meeting there were present the following members: Month Day Year with notice of such meeting and an opportunity to be present having been given to the Petitioner and the Assessor of said County and Assessor (being present--not present)and Name Petitioner (being present--not present), and WHEREAS,the said Name County Commissioners have carefully considered the within petition,and are fully advised in relation thereto, NOW BE IT RESOLVED that the Board (agrees--does not agree)with the recommendation of the Assessor, and that the petition be(approved--approved in part--denied)with an abatement/refund as follows: Year Assessed Value Taxes Abate/Refund Chairperson of the Board of County Commissioners'Signature County Clerk and Ex-Officio Clerk of the Board of County Commissioners in and for the aforementioned county,do hereby certify that the above and foregoing order is truly copied from the record of the proceedings of the Board of County Commissioners. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of said County this day of Month Year County Clerk's or Deputy County Clerk's Signature Note: Abatements greater than$10,000 per schedule,per year,must be submitted in duplicate to the Property Tax Administrator for review. Section V: Action of the Property Tax Administrator (For all abatements greater than$10,000) The action of the Board of County Commissioners, relative to this petition, is hereby ❑Approved ❑Approved in part$ ❑Denied for the following reason(s): Secretary's Signature Property Tax Administrator's Signature Date A R20+F13•53 B 1101 REC 02041353 01/31/86 15:19 $3.00 1/001 F 1185 MARY ANN "rEUERSTEIN CLERK & RECORDER WELD CO, CO ---'1"v:•—•THIS DEED,Mode this 20th day of ,. • January, in the year of our Lord one thousand nine hundred and Eighty—six, between Colson & Colson Construction Co., • of the City of Salem c Marion 2 at 2741 12th St., S. E., Salem,y regon 97302 and State of e tioUttPl of the first part,and Greeley Retirement Residence Limited Partnership, an-Oregon limited partnership of ran City of Salem, ' County of Marion OregQon and State of at itluONof the second part, WITNESSETII,That the said pert y of the first part,for and in consideration of the sum of no monetary cons,deration, deed given to clarify title into partnership DOLLARS, or sat:* parates to the said part y of the first pert in hand paid by the said part y of the second part, the receipt whereof is hereby confessed mid mA,en lodged, in s remised, released, sold, convoyed and QUIT CLAIMED, and by these present-.do remise,release, hell, convey and QUIT CLAIM unto the said part y of the second part, its' helm, successors and assigns, forever, all the right,title,interest,claim and demand which the said part y of the first part has in and to the following described real property situate,lying and being in the City of GreeleyCounty of Weld, and State of Colorado,to-wit: Lots 9 through 16, inclusive, Block 26, City of Greeley, Weld County, Colorado * no document fee required, deed for title purposes only ., • TO RAVE.AND TO MOLD the same,together with all and singular the appurtances and privileges thereunto belonging or in anywise thereunto appertaining,and all the estate,right,title,interest and claim whatsoever,of the said part y of the first part, either in law or equity, to the only proper use, benefit and behoof of the said part y of the second part, it's heirs and assigns forever. IN WITNESS WHEREOF,The said part y of the first part ha s hereunto set its' hand and seal the day and year first above written. . COLSON & COLSON CONST UCTION CO. [SEAL] Signed,Sealed and Delivered in the.Presence of f////) BY104i ram �C(o/I�5J�A",. . a 11. r_ (SEAL] B . u. ... ogs`ofi, err ne` """� [SEAL] STATE OF OREGON ) ! ss. County of Marion On this 20th day ofdanuars , in the year 1986, before me, the undersigned Notary Public, personally appeared William E. Colson and Hugh D. Colson, each personally known to me {or-proved-to-me-on-the-bents-e€ satfsfactory-evtdencet to be the persons who executed this instrument on behalf • o£.the .partnership and acknowledged to me that the partnership executed it. i . t-IY(ARY. • 78UG' "Notary Public for Oregon Raatdtagxatx _ My Commission expires: 6/19/87 ._ after recording, return to: Greeley Retirement Residence limited Partnership 2741 17th Sl mel S.E., Salem, Oregon 97302 " • , , • • REAL PROPERTY NOTICE OF VALUATION Christopher M. Woodruff Date of Notice: 5/1/2011 Weld County Assessor Telephone: (970) 353-3845 or (720) 652-4255 1400 N 17th Ave Fax: (970) 304-6433 Greeley, CO 80631 E-mail: appeals@co.weld.co.us www.co.weld.co.us Office Hours: 8:00 AM -5:00 PM ` U ., T t YE Z t. ARRA �" � PTtONF: ` ,k , , t: ,,>;� _ • , \',7;.•,' ,t,' -ERYY"ADDRESS, • 2.;:-:-.,1.. 1C R2806786 2011 060O GR 4637 L9 THRU 16 BLK26 *-' 1051 6 ST COLSON &COLSON CONSTRUCTION CO GREELEY CO C/O THOMSON REUTERS INC 2235 FARADAY AVE STE O St: CARLSBAD CA 92008 P ER C Oimi +.OR ,CHANGE RESIDENTIAL $3,348,537 $3,348,537 $0 `sue , e , ,r $3,348,537 $3,348,537 $0 Mt LAND NET SQFT: 76,000 OCCUPANCYI HOME FOR THE ELDERLY LAND NET ACRES: 1.7447 PRIMARY BUILT AS HOME FOR THE ELDERLY YEAR BUILT 1986 i,. BUILT AS SQUARE FOOTAGE' 85230 TOTAL BASEMENT SQUARE FOOTAGE 0 TOTAL BASEMENT FINISHED SO FT 0 TOTAL GARAGE SQUARE FOOTAGE 0 TOTAL BUILDING COUNT 1 Vin. e sme square footage listed is the total exterior square footage and may include other structures on the property. Improvements means all structures,buildings,fixtures, fences,and water rights erected upon or affixed to land,whether or not title to such land has been acquired,§39-1-102(7),C.R.S. The assessment rate for residential property is projected to be 7.96%, § 39-1-104.2(3), C.R.S. A change in the projected residential assessment percentage is not grounds for protest or abatement of taxes, § 39-5-121(1), C.R.S. Generally, all other property, including vacant land, is assessed at 29%, § 39-1-104(1), C.R.S. The tax notice you receive next January will be based on the current year actual value. If the Senior Citizen or Disabled Veteran Property Tax Exemption has been applied to your residential property, it is not reflected in the current year actual value shown above. You have the right to protest the classification and/or valuation of your property. Please refer to the reverse side of this notice for additional information. • 15-DPT-AR NOV 181-04/11 R2806766 266793 LETTER OF AUTHORIZATION TO WHOM IT MAY-CONCERN: I hereby authorize the officer named below to represent our company In connection with all. tax matters. Name: Scott Shanaberger Title: Vice President Controller Phone: (503)370-7071 • [it'3Signatur �. Date: Name of.Person signing this form: R. Scott Wood Title: General Counsel,.Haniest Management Sub LLC, dba Holiday Retirement Secretary, Holiday Canada Management.ULC dba Holiday Retirement Indr:pertooll Retirement Living Address .?:'f.:;1•;•.(. •:,.• ';Y'I:;( ••:ur:r•i,('►?': /30: Mailing Address ;"''i s ? ':11 ' :irs:?t:;Mf: Phone ;:i • 'r•. .. Web :r;;;r!.:yt.., ..�; • GrantThornton LIMITED POWER OF ATTORNEY AND DECLARATION OF REPRESENTATIVE PROPERTY TAX SERVICES 'Ibis I.inuicd Power of Attorney and Declaration of Representarir•c revokes all earlier representative authorizations and Powers of Attorney executed or otherwise provided by ihr uddersieried taspaier(s). Harvest.Management Sub LLC dba: Holiday Retirement(and related entities) TAXPAY1 R NAME(S) SEE ATTACHED ACCOUNT NUMBER Grant Thornton LLP REPRESENTATIVE NAME A. TAX MATTERS)TO WHICH THIS AUTHORIZATION APPLIES Type of Tax Taxable,Period Tax Jurisdiction SEE ATTACHED SEE ATTACHED SEE ATTACHED OGrant Thornton 'lluw abocc representative is ltcreby authntizcd to assist and represent the taxpayer tusk in the above referenced matters.Authorization under this limited Power of Atulmcv and Declaration '1 Representative includes nnlr those specified arcs aurhorized.lx'Iow.No other acts; including representation in a-court or other public forum,areauthorized. B. AUTHORIZED ACTS (CHECK ALL THE AUTHORIZED ACTS): X❑ Authorization to receive tax bills,notices, and all other correspondences related to the shovel Provide facts to. request information from.and discuss above matters with proper jurisdiction officials;and ( ® To:mach a copy of this document.and sign on behalf of the taxpayer(s),where allowed by law,personal po ipern tax returns,rcpi,rrs, or renditions prepared by Grant Thornton only after the taxpayer(3)has received a copy of the personal property tax.returns„ reports,or renditions prior to the filing deadline(s),'reviewed and approved them,and specifically authorized Grant Thornton in sign such personal property rax returns, reports,or eenrliti+ins on behalf of the taxpayer(s). This Limited PowerofAuornegand Declaration of Representative shall become effective on the 1st day"nf)anuarv,2011,and shall remain in effect:until revolted by die taxpayer or the representative. Please mail all correspondence to: Grant Thornton,LLP Attn:Property Tax AUTHORIZED BY: PO Box 130477 CI 3� Dallas,TX 75313 Signature .Sri Hr Shanalxreecr Print N;une "Nice President -Comptroller Title (503) 3711-707(1- _ lelephtmcNtimber u1 Property Profile- Print Page 1 of 3 Property Profile for Account#R2806786 January 4,2012 Account Information Account Parcel Space Account Type Tax Year Tax Area Buildings Actual Value Assessed Value R2806786 096105305024 Residential 2012 0600 1 3,348,537 266,540 Legal GR 4637 L9 THRU 16 BLK26 Subdivision Block Lot Land Economic Area GREELEY CITY 26 9 COMM-DOWNTOWN GREEN 2 Property Address Property City Zip Section Township Range 10516 ST GREELEY 000000000 05 05 65 Owner Information Owner(s) Address Line 1 Address Line 2 City ST Zip COLSON 8 COLSON C/O THOMSON REUTERS INC 2235 FARADAY AVE STE 0 CARLSBAD CA 92008 CONSTRUCTION CO Document History Information Reception Rec Date Type Grantor Grantee Sale Date Sale Price X0007395 01/28/1986 UNK COLSON 8 COLSON 01/28/1986 250,000 CONSTRUCTION C 02040730 01/28/1986 WDN 01/01/1901 0 Building Information Building 1 ID Type NBHD Occupancy Built As Bedrooms Baths Rooms 1 Multiple Unit 6907 Home For the Elderly Home For the Elderly 0 0 0 ID Square Ft Condo SF Total Basement SF Finished Garage SF Carport SF Balcony SF Porch SF Bsmt SF 1 85,230 0 0 0 0 0 0 0 ID Year Built %Complete Stories Perimeter Units Unit Type 1 1986 100 3 1308 102 ID Length Width Make http://propertyprofile.co.weld.co.us/index.html?version=2&account=R2806786 1/4/2012 Property Profile - Print Page 2 of 3 i. 1 0 0 ID Exterior Roof Cover Interior HVAC 1 Cool Air in Heat Ducts ID Detail Type Detail Description Units 1 Add On WOOD PATIOS 5,960 1 Add On Asphalt 11,780 1 Add On CARPORTS 1,522 1 Add On ELEVATOR 1 1 Add On Concrete Slab 14,535 1 Add On SPRINKLING AREA 85,230 Valuation Information Type Code Description Actual Value Assessed Value Acres Land SqFt Land 1125 MULTI-UNITS(9+)-LAND 171,000 13,610 1.745 76,000 Improvement 1225 MULTI-UNITS(9+)-IMPRVMTS 3,177,537 252,930 0.000 0 3,348,537 266,540 1.745 76,000 Tax Information Tax Area District ID District Name Current Mill Levy Tax Year 0600 0100 WELD COUNTY 16.804 2012 0600 0206 SCHOOL DIST#6 37.856 2012 0600 0301 NORTHERN COLORADO WATER(NCW) 1.000 2012 0600 0411 GREELEY CITY 11.274 2012 0600 0700 AIMS JUNIOR COLLEGE 6.355 2012 0600 1050 HIGH PLAINS LIBRARY 3.271 2012 76.560 Property Photo http://propertyprofile.co.weld.co.us/index.html?version=2&account=R2806786 1/4/2012 Property Profile - Print Page 3 of 3 Aims -yam . - L ,,--..„:„. ia. k .,. ..... .ID _ rte h s � / 3 �L mw / 30/2009 Property Sketch No Sketch Available http://propertyprofile.co.weld.co.us/index.html?version=2&account=R2806786 1/4/2012 4,, . . ..: . , . , . . i, • k: !,, ; :r, :;;;,;, Schedule#:R2806786 We derived fair market value utilizing the income approach based on actual data from the subject `. property's income and expense statement and rent roll information for the year ending Dec 315`2010. l Please note that Grant Thornton did not include an allowance for vacancy and collection loss for the si: work-up based on actual data,as actual occupancy for subject property is 80%(see attached Rent Roll , 411 summary page),while stabilized occupancy is at 80%. YY' `' Also note that there was no provision for Reserves for Maintenance and Management Fees.The expense category of facility maintenance and repairs only includes regular and reoccurring repair/maintenance work, but no capital expenditure. Our research and experience indicate that a market capitalization rate of 11.5%—12.5%and a Business Value deduction of 20%are typical for assisted living facilities in the general market area. Our concluded value based on actual data from subject, using an 11.5%cap rate and a 20% Business value deduction is$2,667,380. Please note that the actual expense ratio of 72%is typical for such property type and is within the normal market expense ratio range of 65%-75%. Based on the information attached, subject property is performing at market standards at its current occupancy level of 80%. Thus, we recommend adjusting the value of the subject property to a fair market value of$2,667,380. Thank you, Francis Kafor,Sr Associate Grant Thornton, LLP r----jJ 214-561-2324 l' Email Frartcis.Kafor@us.gt.com 9 V) /1' 3(23' • Income Valuation Analysis for Greeley Place 1051 6th Street Greeley,CO 80631 2011 TA%YEAR Rent Roll Data Schedule#:R2806786 2010 End of Yr Actual data I Total of 102 Units Actual Occupancy at 80% Income Actual Market Occupancy at 80% Total Revenue(Less Discounts,Allowances&Concessions) $1,343,005 '.. Vacancy&Collection Loss 0%'. Plus;Other Income)Commercial lease Rev,Parking Inc,etc) $91,051 l Effective Gross Revenue j $1,434,056 j Expenses (Actual Assisted Living $0 Special Help/Special Care ($43,051) Ancillary Expenses(Misc;Licensing fees,Prof fees,etc) _ ($77,765) Food Services ($291,995) Housekeeping ($59,772) Facility Maintenance&repair ($89,571) Facility Administration/Salaries i ($110,422) Marketing ($59,280)1 Utilities,Equipment Rental&Property insurance ($137,453)', Payroll Taxes/Benefits ($144,297) Property Tax ($20,343) _..... _ Reserve for Replacement @ 2%OF EGI(Proforma) Management Fees @ 3%of EGI(Proforma) Total Operating Expenses ($1,033,949)72%Exp Ratio Market Exp Range 65%-75% Net Operation Income(NOI) $400,107,48%Net Inc Ratio Capitalization Rate @ 12% I Market Cap rate range 11.5%4.2.5% )D Derived Value via Income Approach(Including Business Value) $3,334,225 Less y��Personal Property p rty/FF&E Value $0 EE65: " .of '=' : ($666,845) I $2,667,380 E Based on actual data 2011 Assessor's Appraised Value(Proposed) $3,348,537 Recommended value based on pro forma $2,667,380 information is directly off subject's actual Income&Expense Statement,no provisions was made for vacancy and collection loss. 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Fm- I- H 0S,,Yff HI->- F f g (X7 O w U(i e.�.� ;-,0 24 a . ! 4§«,`®=4®;Z°&: . ! ; , _-:;;; ;_ `-;; . - G 232eb N w .® kr ![ !;§°}!°\§l;0;A | \ 2 ![ §§!°§z°}§°°°- \ \ f 2g0000 / ![ !!; [ } } ( f # g2g it @k \ ! 4Ego°itga / k \ )`� . « - / G q//q2~3 @ ! « \4 /# Re%2«� . g.. 2 3 ° } § \ , ![ §l;-;Ib};0°0°\ $ k ( 6 gldd o / - G z;; 0s Co ;;§°§0°}§°_0"! $ ) \ | a ; | 7 { / � / /. � , a ! � «\#d i ) (§) k{!` fl:;!! i ,f:�!l-,8 0 E» G»dg! , /&! ^ • GrantThornton Grant Thornton LLP 1717 Main Street,Suite February 1, 2012 Dallas,TX 75201-94361500 T 214 561 2300 F 214.561.2 . antThornton. m Weld County Assessor 1400 N 17th Ave n /h✓1 Greeley, CO 80631 JV iCe V\ Ref;Abatement appeal for R2806786 Dear Sir or Madam, In pursuant of the Colorado Tax Code and other applicable provisions,we hereby file an abatement appeal for the above parcel for"fax Year 2011. We also will like to inform Weld County that the current ownership information on the subject property under Colson& Colson Construction Co is wrong,and should be corrected to Greeley Retirement Residence LP. See attached deed document. 4 p G ir�n7f S�.'1: Sincerely �� v�d � Q� 17e�D 4s << r� (do tv Francis Kafor 0°z/4s/lo/z Sr Associate Property Tax Grant Thornton LLP U S.member tom of Grant Morton International Ltd A t220ai 1353 B 1101 REC 020411..353 01/31/86 15:19 $3.00 1/001 •• F ].186 NARY ANN FEUERSTEIN CLERIC 5 RECORDER WELD CO, CO - }•"�THIS DEED, Mode this 20th day of,'.. January, in the year of our Lord one thousand nine hundred sad Eighty-six, between Colson 5 Colson Construction Co., of the City of Salem County Marion at 2741 12th St., S. E.., Salem, Oregon 97302 e n and State of x.,e�e9 of the first part,and Greeley Re[ remenC Residence Limited Partnership, an Oregon limited partnership of the City of Salem, -County of Marion Oregon_ and State of 122a4adRallof the second part, WITNESSETH,That the said part y of the first part,for and in consideration of the sum of no monetary cons dfi e tiort deed given to clarify title into partnership ot same partsea DOLLARS, to the said Pnrt y of the first part in band paid by the said part y of the second part, the receipt whereof h,•rahy confessed nod rick now lodged, ha n remised, n-kneel, sold, conveyed and QUIT CLAIMED, and by these tmeveu is do remise, release, sell,convey and QUIT CLAIM unto the said pert Y of the second pert, its bears, successors skid assigns, forever, all the right,title,interest,claim and demand which the said part y of the first part has in and to the following described real property situate,lying and being in the City of GreeleyCounty of Weld, and State of Colorado,to-wit: Lots 9 through 16, inclusive, Block 26, City of Greeley, Weld County, Colorado • • et no document fee required, deed for title purposes only ' • TO RAVE AND TO HOLD the same, together with all and singular the importances and privileges thereunto belonging or in anywise thereunto appertaining,and all the estate,right,title,interest and claim whatsoever,of the said part y of the first part, either in law or equity, to the only proper use, benefit and behoaf of the said part y of the second part, its heirs and assigns forever. IN WITNESS WIHEREOF, The said part y of the first Marc ha s hereunto set its hand and seal the day and year first above written. COLSON & COLSON CONST UCTION CO Signed,Sealed cud Delivered in the i'rueenrc of [SEAL] �`�" [SEAL] B)'1/4"ram "C'o IRe-_.. . a IT Y` B • tii7'. 'ar:.hex`t""-- [SEAL] STATE OF OREGON ) I. ) ss, County of Marion On this 20th day ofianuarc , in the year 1986, before me, the undersigned Notary Public, personally appeared William E. Colson and Hugh D. • Colson, each personally known to me (or-proved-to-me-on-t-he-basis-e€ satisfactory-evtdencet to be the persons who executed this instrument on behalf of che..partnership and acknowledged to me that the partnership executed it. � e e '.' A R Y G r� 7BtA w-,,e� ( '-'Notary Public for Oregon . -- Rasidtngxa±x _ My Commission expires: 6/19/87 after recording, return to: PO-cc-ley Retirement Residence Limited Partnership 2i/ill Hui Si nrl S.F., Salem. Oregon 97302 Weld County CHRISTOPHER M. WOODRUFF COUNTY ASSESSOR BRENDA DONES,DEPUTY ASSESSOR VALUATION REPORT OF MULTI-FAMILY PROPERTY FOR County Board of Equalization GREELEY RETIREMENT RESIDENCE LP (COLSON &COLSON CONSTRUCTION CO) PETITIONER VS. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 0961-05-3-05-024 Schedule Number R2806786 Log Number: 2011 Abatement Date: Time: Board: CBOE PREPARED BY CHARLES JACK Signature Date ASSESSOR'S OFFICE STAFF APPRAISER ASSESSOR'S VALUE RESIDENTIAL $3,348,537 COOE_Res_Multi 01 Pac SALIENT FACTS AND CONCLUSION PURPOSE OF APPRAISAL To determine Market Value as of 1/1/11 based on an appraisal date of 6/30/10 PROPERTY RIGHTS APPRAISED Unencumbered fee simple interest. LOCATION 10516 ST, GREELEY LAND AREA 76,000 sq ft PROPERTY TYPE Multiple Unit (Home for the Elderly) YEAR BUILT 1986 YEAR REMODELED On-going QUALITY Average CONDITION CM-Typical DESIGN 3 Story SIZE 85,230 SQ FT NUMBER OF UNITS 102 INDICATED MARKET VALUE $3,564,900 C BOE_Res_Multi 01 Pac r _ ....... - ' 77 P. Vi,_ _ i+ tiov- !,.. �� A :, -. 'A 'a'.C"4‘0 f, s'-• I m: t 1,I�.:; Gee /ey Place ,i. - ., y — _x.> a .- 7 _ 3^ $ - �- — � �, * "`yam - >y. E+ — ` y+ P I - Cad' ice jipi a • f.r V. J p p • r /30/2009-.� _ __ —— -iii .— This subject property is located at 1051 6 ST in the city of GREELEY.The legal description of the property is GR 4637 L9 THRU 16 BLK26. Utilities available to the site are typical for the area. The apartment complex has 102 units, is a Home For the Elderly structure constructed in1986. It h 85,230 square feet of finished area. There is one bedroom and one bathroom in each unit. The Assess has classified the structure as a dwelling of Average quality. Real property for the tax year 2011 must be valued utilizing the level of value for the period of one a! one-half years immediately prior to July 1, 2010. A period of five years immediately prior to July 1, 20 shall be utilized to determine the level of value if adequate data is not available from such one and or half year period to adequately determine the level of value for a class of property. The Weld County Assessor has an established ongoing Sales Confirmation and Validation Program I property transactions used in developing values. The subject property has been classified as Residential for assessment purposes. Residential propel value shall be determined by appropriate consideration of the Market Approach to Value {39-1-103(5)( CRS}. The Assessor has considered the Market Approach to Value for the subject parcel. CBOE_Res Multi_01( Pag I — — "di E I co a d l m xi > z c I iii �g 2 I y o ,13 't; T .- 1 ) > U UW I T o ur !r �j m Q /� C 7 ``y C Y n L U U e:0 ` `..0.1...1 7 Q O `l Y V U ' °O1 A '>7 C 2 m y . 11 1 am • c, N k • - a I Ss° cz at M al FOa-r N1f> t. 0 Is- �M G �i -i iLOl' f �� I o z 'r .tea _ C 41111O27 13. .'.:A �� i A ,, _ _ CTI fi •♦+ a 1 1L m i o ,r,:.- _ I 42) op�0 4I IP — co -� 1A r' _ >eic,i p_ In ,- �rt •F si... in 0 ti �R p'oc pap `ir4a a M • Et M(O U 'O M N p e+ - N '� s p I Ii 73 1 I ----+_ a Or 1 Of CO in. o ch. 2 ) p Ii I O}p �wiil r co 1 C M 'I :' �'en my En ��p N • O rnl�' A i _ -.•m -1�� aca I $ 1 elc-, t a�� ! 14; EEz C '�`t •- 1 • _ = 1.12ap �C ,,,,., p ..j T,o Lea— i # x to LI.1 o L LI .OO • 7._r Tr U nZ.... - i,n)trf ; � p.. h '.• i tit t it p __ E aT m t. o • s �•a� r 3 �N. co'-t11' oo y 3 cD° . yon . M S M Q� - I. d d d _ a '� O Ip U.V21 ��jy • i } a. t E N 2 .CJs �� I�- • - Q)w�- V. L - _ p1 c _ O O Subject Sketch 70' 19' First Floor 30,631,0 sf 19' f 1 'C Second Floor 28,418,0 sf ° 1 i Third Floor 26,515,0 sf 70' � � 1 4 1 1 - `,_`_J --;�z6 102 units N in _121-,D 40' L!9 1 40' .01_ , \'6'' 10` Li 30' u, \3 G -7.r, 0 O 20' , O (1-::' �O c`l7o, O 6 10' 18' \ 3S' 8' 6o Q, 6 (N 6 �0 � iD � 6� 15� 20' 17 10' 20' 2 4' n o 1 b o ry 20' ' -1 19' �' tir 191 11' 16' 20' 16' 16 L 1�6 - 17' r 1__/ l� 20' 8 8`h 10' 6' �° 6' 10' 8' 8' 23' Sketch by Apex Medina' CBOE_Res MA C PE • COMPARATIVE SALES APPROACH SALE# Subject 1 2 3 4 Northglenn Montrose Comments Greeley Retirement Heights Assissed Littleton Manor Sterling House Parcel # 96105305024 R0031067 R0014897 207717311001 156908105071 Address 1051 6 St 11475 Peral St 2720 Sunnyside 5822 Lowell Wy 2215 Egbert St Greeley Northglenn Montrose Littleton Brighton Northglenn American Nationwide Grantor Assisted Heidi Chateau Housing Health Montrose ARC Sterling Grantee LSREF Assissed Lowell Health House Sale Date 1/1/2009 8/1/2009 6/10/2010 11/1/2006 Assessor's Value Sale Price $3,348,537 $8,812,000 $1,370,000 $1,225,000 $4,900,000 Land Size 76,000 174,240 130,680 31,798 118,919 L/B Ratio 2.46 2.25 7.91 2.50 5.04 Bldg SF 85,230 77,400 16,518 12,726 23,601 Sale psf $39.29 $113.85 $82.94 $96.26 $207.62 Bed count 102 125 30 24 42 Sale per bed $32,828 $70,496.00 $45,667 $51,042 $116,667 Quality -10% similar similar -15% Size similar -10% -10% -10% Location -10% similar -10% similar Business deduct -20% -20% -20% -20% Assessor's Value Adj sale per bed per bed$32,828 $42,298 $31,967 $30,625 $64,167 Comps Range: $30,625 - $64,167 Comps Avg: $42,265 Comps Median: $37,133 Indicated Value per the Comparative Sales Approach: $34,950 x 102 beds= $3,564,900 C DOE_Res_Mulli 01i Pac COMPARABLE SALE #1 COUNTY: Adams ACCOUNT R0031067 PARCEL NUMBER: PRIMARY OCC: Elderly Assisted Living PERCENT: SECONDARY OCC: PERCENT: ADDRESS: 11475 Pearl Street,Northglenn RECEPT NUMBER: 5027 SALE DATE: 01/01/2009 GRANTOR: Northglenn Assisted Living SALE PRICE: $8,812,000 GRANTEE: LSREF Golden Prop ADJ SALE PRICE: YEAR BUILT: 1986 CLASS: D EFFECTIVE AGE: LAND/BLDG RATIO: 2.25 LAND SIZE (SF): 174,240 LAND VALUE: $696,960 BLDG SIZE (SF): 77,400 IMPS PRICE/SF: $104.84 WALL HEIGHT: 10 SALE PRICE/SF: $113.85 STORIES: SALE PER BED: $70,496 BED COUNT: 125 DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: (,00d COMMENTS: CBOE_Res_Mulli 01( Pag COMPARABLE SALE #2 COUNTY: Montrose ACCOUNT R0014897 PARCEL NUMBER: PRIMARY OCC: Elderly Assisted Living PERCENT: SECONDARY OCC: PERCENT: ADDRESS: 2720 Sunnyside,Montrose RECEPT NUMBER: 805573 SALE DATE: 08//01/2009 GRANTOR: Heidi SALE PRICE: $1.370,000 GRANTEE: Montrose Assisted Living ADJ SALE PRICE: YEAR BUILT: 1999 CLASS: D EFFECTIVE AGE: LAND/BLDG RATIO: 7,91 LAND SIZE (SF): 130.680 LAND VALUE: $130,680 BLDG SIZE (SF): 16,518 IMPS PRICE/SF: $75.03 WALL HEIGHT: 9 SALE PRICE/SF: $82.94 STORIES: 2 SALE PER BED: $45,667 BED COUNT: 30 DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: Avg COMMENTS: CBOE_Res_Multi_0 Pa M 441 s. COMPARABLE SALE #3 COUNTY: Douglass ACCOUNT PARCEL NUMBER: 207717311001 PRIMARY OCC: Elderly Assisted Living PERCENT: SECONDARY OCC: PERCENT: ADDRESS: 5822 Lowell Wy,Littleton RECEPT NUMBER: SALE DATE: 01/01/2009 GRANTOR: American Housing SALE PRICE: $1,225,000 GRANTEE: Lowell Health ADJ SALE PRICE: YEAR BUILT: 1962 CLASS: D EFFECTIVE AGE: LAND/BLDG RATIO: 2.25 LAND SIZE(SF): 31,798 LAND VALUE: $158,990 BLDG SIZE(SF): 12,726 IMPS PRICE/SF: $83.77 WALL HEIGHT: 9 SALE PRICE/SF: $96.26 STORIES: I SALE PER BED: $51,042 BED COUNT: 24 DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: Avg COMMENTS: CBOE Res_Multi 0 Pa • • COMPARABLE SALE #4 COUNTY: Adams ACCOUNT PARCEL NUMBER: 0156908105071 PRIMARY OCC: Elderly Assisted Living PERCENT: SECONDARY OCC: PERCENT: ADDRESS: 2215 Egbert St,Brighton RECEPT NUMBER: SALE DATE: 11/2006 GRANTOR: Nationwide SALE PRICE: $4,900,000 GRANTEE: ACH Sterling House ADJ SALE PRICE: YEAR BUILT: 1997 CLASS: D EFFECTIVE AGE: LAND/BLDG RATIO: 4.99 LAND SIZE (SF): 118,919 LAND VALUE: $356.757 BLDG SIZE (SF): 23,801 IMPS PRICE/SF: $190.88 WALL HEIGHT: 10 SALE PRICE/SF: $205.87 STORIES: 1 SALE PER BED: $116,337 BED COUNT: 42 DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: A‘ COMMENTS: CBOE_Res_Mulli 01C Pag MARKET APPROACH SUMMARY The subject property has been classified as Residential for assessment purposes. Residential property value shall be determined solely by consideration of the Market Approach to Value {39-1- 103(5)(a), CRS}. As required by 39-1-104(10.2), CRS, the market value is determined by utilizing data from the period of one and one-half years immediately prior to June 30th, 2010. If sufficient comparable valuation data is r available within the eighteen-month time period, the assessor shall use market data from the five year period immediately prior to June 30th, 2010. When appropriate, all sales are to be time adjusted to the appraisal date of June 30th, 2010. Although the appraisal date is June 30, 2010, the physical characteristics are reflective of the property a! of January 1, 2011. The comparable sales in this report were selected using county records and the Multiple Listing Services. The Weld County Assessor's Office has verified that the comparable sales are arms-length transactions based on review of the Real Property Transfer Declaration,telephone or personal confirmation interviews and physical inspections to confirm property characteristics at the time of sale. DEFINITION OF MARKET VALUE: The most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should s after reasonable exposure in a competitive market under all conditions requisite to a fair sale,with the buyer and seller each acting prudently, knowledgeably, and for self interest, and assuming that neither i under undue duress. {The Appraisal Institute} The market value of the property as of June 30th, 2010 is: MARKET VALUE $3,564,900 CBCE_Res_MWIi C Pa< CLERK TO THE BOARD PHONE: (970) 336-7215, EXT. 4226 1 8 6 I - 2 0 1 1 FAX: (970) 352-0242 1150 O STREET P.O. BOX 758 GREELEY, COLORADO 80632 WELD__,COUNTY I July 6, 2012 CIO GRANT THORNTON LLP HOLIDAY RETIREMENT/COLSON AND COLSON CONSTRUCTION PO BOX 130477 DALLAS TX 75313 RE: SCHEDULE NUMBER R2806786 Dear Property Owner: This is to advise you that the Weld County Board of Commissioners will hear your petition for abatement or refund of taxes on the property described as: GR 4637 Lot 9 thru Lot 16, Block 26. The meeting is scheduled for July 30, 2012, at 9:00 a.m., in the Chambers of the Board of County Commissioners of Weld County, Colorado, Weld County Administration Building, 1150 O Street, Assembly Room, Greeley, Colorado 80631. The Assessor is recommending that the Board deny your petition. You are not required to be present at this hearing; however, this is your opportunity to have your position heard, especially if your position is opposed to the Assessor's recommendation. If you intend to submit any documentation in support of your position for this hearing, all such documentation must be submitted to the Office of the Clerk to the Board and to the Weld County Assessor's Office at least seven calendar days prior to the meeting date in order for it to be considered at the scheduled hearing. If you have any questions concerning this matter, please do not hesitate to contact me at (970) 336-7215, Extension 4225. Sincerely, // Tonya Disney Deputy Clerk to the Board cc: Assessor Grant Thornton LLP Attn: Property Tax PO Box 130477IDallas TX 75313 CLERK TO THE BOARD PHONE: (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 1 8 6 1 - 2 0 1 1 1150 O STREET TI P.O. BOX 758 GREELEY, COLORADO 80632 WELD___-COUNTY August 29, 2012 CIO GRANT THORNTON LLP HOLIDAY RETIREMENT/COLSON AND COLSON CONSTRUCTION PO BOX 130477 DALLAS TX 75313 RE: SCHEDULE NUMBER 2806786 Dear Property Owner: On July 30, 2012, the Board of Weld County Commissioners considered your petition for abatement or refund of taxes and denied same. Pursuant to Section 39-2-125(f), C.R.S., you have the right to appeal this decision to the State Board of Assessment Appeals within thirty days. You may obtain the appropriate forms and instructions from: Board of Assessment Appeals, Department of Local Affairs, 1313 Sherman Street, Room 315 Denver, CO 80203 Phone: 303-866-5880 In preparation for appealing to the State Board of Assessment Appeals you may also go to the following state link to obtain any further information you may need to proceed, http://www.dola.state.co.us/baa/index.htm Very truly yours, Tonya Johnson Deputy Clerk to the Board cc: Assessor Grant Thornton LLP Attn: Property Tax PO Box 130477 Dallas TX 75313 Hello